With the new year well under way — a year that's shaping up to be financially challenging for most — here are some life-stage-relevant steps you can take and goals you can set to improve your finances.

30 and younger: Invest in yourself

People in this age bracket should focus on building earning potential, being smart about debt accumulation and practising good money habits.

"The most important financial asset that they have is their earning power," says Warren MacKenzie, president of Toronto-based Second Opinions Investor Services. "They should be focusing on improving their knowledge and earning power, because that's what's going to help them the most in the long run."